Atlantic Navigation Bags Ten Vessel Charters
The Middle-East-focused marine logistics services provider Atlantic Navigation Holdings (Singapore) Limited has won long term charters for 10 OSVs with a combined value of around $236m from a Middle Eastern national oil company. The 10 vessels will go on a firm five-year charter with a two-year extension option to support a Middle Eastern national oil company's operations in the Arabian Gulf. The charters are for five maintenance/work/utility vessels and five anchor-handling tug, supply and safety standby vessels. Seven of these vessels will be newbuilds. The vessels, on a firm five-year charter with a two-year extension option, will support the NOC’s operations in the Arabian Gulf.
Market Report: When Will the Turn Around Come?
It seems to be a soap opera without an end. "It is crazy…makes no sense at all," is a common observation. If you are in the oil and gas business, the number one question is, "When is the drilling going to pickup?" It is a question without an answer…at least through the first quarter of 2004. "Normally when prices are low and oil rises about $25 a barrel and gas goes above $2.50 per million cubic foot, everybody goes back to work," noted Roy Breaux, Jr., president of Breaux Bay Craft, Loreauville, La. a leading builder of crew/supply boats. "We drill ourselves out of recessions, but not this time, at least not yet" Breaux said. Breaux echoes the sentiment of almost everyone in the industry "The answer must lie in Houston because that's where the decisions on when to drill come…
